Category: Forex Bits
Is Greece Preparing for a Default? Greek PM Cancels Planned Trip
The Prime Minister of Greece, George Papanderou, cancelled a visit to the US in order to stay in Greece and take care if business. Papandredou was already in London, and had a series of planned meetings before a conversation with finance minister Venizelos probably convinced him to stay. Over the weekend, the EU finance ministers
Spain’s Navarra Region In Danger of Bankruptcy
Spanish unpaid bills continue to weigh heavily on the country. The northern region of Navarra, which is known for its wines might be bankrupt by the end of the year. Basic services and workers’ salaries might not be paid, as the coffers are quite empty. The new regional government has “discovered” a deficit of 600
FXCM to Buy Foreland Forex – A Japanese Forex Broker
The publicly traded US forex broker FXCM continues to expand. Foreland has over 18,500 accounts in Japan, not far from 25,700 that FXCM has in this country. So, this move is a big boost to its business, making it one of the biggest brokers in Japan. FXCM More details in the official press release: NEW
Austrian Committee Says Delays Vote on Extended EFSF
A parliament committee in Austria refuses to approve new capabilities to the European bailout fund – the EFSF. This move will likely delay the approval from September till October. The leaders of the European Union agreed to add two new capabilities to the EFSF: an ability to buy bonds in the secondary market, and an option to
Two European Banks Still Need the ECB for US Dollars
New data published by the ECB shows that two banks in the euro zone had to approach the European Central Bank for funding in dollars. The total sum is 575 million. This isn’t huge, but it shows that the problem continues. Jean-Pierre Chevallier reports about this phenomenon and states that this means that two European
Spanish Bond Yields Flirt With 9 Month Low
Trichet’s extensive bond buying plan of Italian and Spanish bonds is doing wonders. Yields on 10 year Spanish government bonds fell to 4.98% and they continue sliding. If they close at these low levels, it will be the lowest close since November 2010, just before the Irish crisis erupted. Since then, Spanish yields were above
Spain’s Elections Can Be Further Pushed Forward to October
While the focus of the European debt crisis leans towards Italy, fresh news come from Spain. According to reports, Spain’s prime minister José Luis Rodríguez Zapatero might push forward the Spanish general elections to October 23rd or October 30th. The markets are moving much faster, and mid October is a long 10 weeks away. The
GBP/USD Lower on Weak Current Account
The pound retreated from the round 1.60 area on a weak current account figure. The deficit was almost double the early expectations, and hit 9.4 billion. A deficit of 5 billion pounds was predicted. Also the deficit for Q4 was revised to the downside, from 10.5 to 13 billion. British GDP came out at as
TransferUnion Getting Closer With Guaranteed Greek Bonds
Will Greece issue AAA bonds? This is a possibility discussed now. Greek bonds may carry a European Investment Bank guarantee, possibly giving it the perfect rating. With rich countries directly guaranteeing Greek bonds, there is no other way to look at it but as a TransferUnion that Germans are wary of. The current schemes for
New Greek Plan Already Has Holes?
Greek newspapers report that 3.8 billion euros are “missing” from the new Greek austerity plan. This was reported by Greek newspapers, quoted by a Greek LSE student, Matina Stevis, and is now weighing heavily on the euro. It’s probably an error on the revenue side. Is this plan too optimistic once again. The newly appointed